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Document Preview Albemarle Corporation to Acquire Catalysts Business of Akzo Nobel |
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Title: |
Albemarle Corporation to Acquire Catalysts Business of Akzo Nobel |
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Entities: |
Akzo Nobel N.V.; Albemarle Corp.; Banc of America Securities LLC |
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Date: |
2004 |
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Size: |
8KB total |
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Price: |
$40 |
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ID: |
#236181 |
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Sarah McCoy
804.788.6091
Michael Whitlow
804.788.6116
ALBEMARLE CORPORATION TO ACQUIRE CATALYSTS BUSINESS OF AKZO NOBEL
Richmond, Va., April 19, 2004 - Albemarle Corporation (NYSE: ALB) announced today that it expects to complete an agreement with Akzo Nobel N.V. (NASDAQ: AKZOY) to acquire its catalyst business, a leader in the production of petroleum refining catalysts, for 625 million euros in cash, subject to the advice of Akzo Nobels Works Council and the approval of regulatory authorities.
The acquisition is expected to close in the second quarter of 2004, and management anticipates it will be immediately cash accretive and accretive to earnings in 2005.
The boards of directors of both Albemarle and Akzo Nobel have approved the agreement. Upon completion of the acquisition, Albemarle will be the worlds largest producer of hydroprocessing catalysts (HPC) and the second largest producer of fluidized catalytic cracking (FCC) catalysts.
The strategic acquisition of the catalyst business, which had 2003 sales totaling approximately 350 million euros, significantly broadens Albemarles existing portfolio of catalyst products and service solutions and expands the global size and scope of Albemarles business. Albemarle has been a leader in polyolefin catalysts for the industry for many years, and traces its history in the chemistries that support the catalyst industry back to the early 1950s in North America.
The proposed acquisition will provide Albemarle with a leading position in the $2 billion refinery segment of the $10 billion catalyst industry. The company already has a leadership position in the $2 billion segment that serves the plastics industry. Fluid cracking catalysts help break down heavy crude oil into gasoline and other lighter products. The hydroprocessing catalysts Albemarle plans to acquire are used to upgrade fuel quality. Both product areas are critical to refinery efficiency and to new clean fuel requirements. Other catalysts, such as those for isomerization and alkylation, are also marketed or under development.
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